Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gary Burton who wrote (56523)	12/9/1999 12:37:00 AM
From: IndioBlues	Read Replies (1) of 95453

Vastar to develop Horn Mountain deepwater oil find HOUSTON, Dec 8 (Reuters) - Vastar Resources Inc. (NYSE:VRI - news) said Wednesday drilling at the Horn Mountain oil field in the Gulf of Mexico confirmed reserve estimates exceeding commercial thresholds. The company said conceptual engineering studies necessary for developing the field have been started. Vastar holds a two-thirds working interest in the Horn Mountain field, on blocks 126 and 127 in an area called Mississippi Canyon, and serves as operator. Occidental Petroleum Corp. (NYSE:OXY - news) owns a one-third interest. The field, located in deepwater off the mouth of the Mississippi River, contains 34-degree gravity crude oil. ``The appraisal drilling program confirmed that the Horn Mountain field's extent and geology are as we expected. Thus, we are still comfortable with our pre-drill estimates that the field contains approximately 125 million barrels of recoverable reserves,' said Philip Behrman, Vastar's Deepwater Exploration manager. ``We are now proceeding with reservoir engineering work and studies of development options, and are excited about moving Horn Mountain toward eventual production.'

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